Vietnam, Singapore promote cooperation in finance

Vietnamese Minister of Finance Ho Duc Phoc and Singaporean Second Minister of Finance Chee Hong Tat at the meeting.

At the meeting, Second Minister of Finance Chee Hong Tat Mr. Chee Hong Tat shared about investment cooperation opportunities between the two countries, especially in the financial sector. Mr. Chee Hong Tat emphasized cooperation areas such as: energy, services, and financial services and aim to upgrade the relationship between the two countries to a comprehensive strategic partnership in the near future. Besides, the two countries can promote sharing of experiences, good practices, and business investment opportunities.Discussing the cooperation between the two countries' Ministries of Finance, Minister Ho Duc Phoc said that Singapore is always Vietnam’s important and special partner in all fields such as economics, trade, and investment and finance. Regarding investment, Singapore is the largest FDI country in Vietnam in the first six months of 2024 with a total pledged capital of nearly US$5.6 billion. Regarding trade, Singapore is always in the group of Vietnam’s important trading partners.

Minister Ho Duc Phoc and Second Minister Chee Hong Tat take photos.

Minister Ho Duc Phoc also shared information about Vietnam's positive macroeconomic situation in the recent time as well as the flexible implementation of fiscal policies, supporting growth, and policies to overcome difficulties for businesses, people, and socio-economic recovery and development.

The Minister expects that the Singapore Ministry of Finance would share more experiences related to modernization of tax and customs management; solutions to protect system security, especially policies to promote and facilitate the modernization of tax and customs management and experience in risk prevention in the modernization process; enhance cooperation in training and capacity building for securities management agencies and stock exchanges, including cross-listing and parallel listing; support the development of a carbon credit exchange...

Agreeing with Minister Ho Duc Phoc's proposals on promoting cooperation in the fields of tax and customs, Second Minister Chee Hong Tat said he would direct and coordinate Singaporean agencies such as MAS and the Singapore Stock Exchange to work with Vietnamese partner agencies to implement proposed cooperation contents.